Promis Neurosciences (NASDAQ:PMN) Posts Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Promis Neurosciences (NASDAQ:PMN) posted its quarterly earnings results on Monday. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.20), FiscalAI reports.

Promis Neurosciences Stock Performance

PMN stock traded up $0.03 during midday trading on Wednesday, hitting $10.52. 2,916 shares of the company’s stock were exchanged, compared to its average volume of 130,757. The stock’s fifty day moving average price is $14.82 and its 200-day moving average price is $12.00. The company has a market cap of $94.35 million, a PE ratio of -0.55 and a beta of -0.20. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Finally, Guggenheim reduced their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Promis Neurosciences presently has a consensus rating of “Hold” and a consensus price target of $26.50.

Insiders Place Their Bets

In other Promis Neurosciences news, insider Johanne Kaplan bought 1,629 shares of Promis Neurosciences stock in a transaction on Thursday, February 19th. The shares were purchased at an average cost of $15.35 per share, for a total transaction of $25,005.15. Following the completion of the acquisition, the insider owned 3,941 shares in the company, valued at approximately $60,494.35. The trade was a 70.46% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eugene Williams bought 2,000 shares of Promis Neurosciences stock in a transaction on Wednesday, March 4th. The shares were acquired at an average price of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the acquisition, the director owned 12,397 shares of the company’s stock, valued at approximately $297,528. This represents a 19.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 8,629 shares of company stock worth $140,855. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Promis Neurosciences stock. Citadel Advisors LLC raised its position in Promis Neurosciences (NASDAQ:PMN) by 168.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 170,079 shares of the company’s stock after purchasing an additional 106,650 shares during the quarter. Citadel Advisors LLC owned 0.32% of Promis Neurosciences worth $72,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 50.13% of the company’s stock.

About Promis Neurosciences

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company’s research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer’s disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.